Tata Power, which had closed yesterday at Rs.255.20, opened today morning at Rs.256.55 and soon went on to rise and hit a new 52-week high at Rs.258.45 and continues to trade in the green at Rs.256 levels.
The reason for this buying buzz on the counter is that the company's subsidiary Tata Power Renewable Energy Limited (TPREL) has signed a power delivery agreement (PDA) for a captive project for 6 MW AC with Chalet Hotels.
The plant will generate 13.75 million units of clean energy from renewable sources under this arrangement.
This apart, TPREL signed a group PDA for a 4.4-MW AC with global automotive systems and parts industry leader ANAND Group to facilitate generation of 10 million units of clean energy through renewable sources.
The same subsidiary also signed a power purchase agreement for 9MWp on-campus solar plant with Tata Motors, Pantnagar plant in Uttarakhand. The project will be commissioned within six months and will utilise both rooftop and ground-mounted units for installation.